Starwood Signs Agreement to Sell Historic Hotel Danieli in Venice; Hotel Danieli to Remain Part of Starwood's Luxury Collection.WHITE PLAINS, N.Y. -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE NYSE See: New York Stock Exchange :HOT) announced today that it has signed an agreement to sell the legendary 233-room Hotel Danieli in Venice to The Statuto Group, a prominent Italian real estate holding company, for 177 million Euros (approximately $244 million U.S.). The deal will take four to six months to close and Starwood has entered a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. agreement to manage the hotel keeping it a member of its prestigious Luxury Collection. The Statuto Group, which has been operating in the Italian real estate market for more than 50 years, plans a major renovation and restoration that will keep the history of this award-winning trophy hotel alive. The Hotel Danieli, a palace synonymous with synonymous with adjective equivalent to, the same as, identical to, similar to, identified with, equal to, tantamount to, interchangeable with, one and the same as the splendor Splendor Aladdin’s palace built of marble, gold, silver, and jewels. [Arab. Lit.: Arabian Nights] Alhambra the palatial 13th-century Moorish citadel in Granada, noted for its lofty situation, beautiful courts, and fountains. and romance of Venice, is world-renowned for its luxurious elegance and is located just steps away from the Piazza San Marco Piazza San Marco, often known in English as St Mark's Square, is the principal square of Venice, Italy. and its Basilica basilica (bəsĭl`ĭkə), large building erected by the Romans for transacting business and disposing of legal matters. Rectangular in form with a roofed hall, the building usually contained an interior colonnade, with an apse at one end . The main building of the Hotel Danieli is the original 14th century palace of Doge Dandolo's family, a lavishly appointed Venetian gothic landmark. "We are pleased to have entered into this agreement with such a prominent and respected real estate group such as Statuto." said Ted Darnall, President, Starwood Real Estate Group. "Their long standing place in the Italian real estate market ensures that they will embrace the history and legacy of the Hotel Danieli and we are confident that this agreement will open the door to many other successful real estate ventures with Statuto." Other Starwood hotels in Venice include the Hotel Gritti Palace, The Westin Europa & Regina, The Westin Excelsior and the Hotel Des Bains in Venice, Lido. The proceeds from the sale of this hotel combined with other recent asset sales totals $398 million, part of an additional $500 million the Company intends to sell by the end of summer 2005. The Company expects to use proceeds for share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. and for general corporate purposes. Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood(R) corporation is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, and W(R), Hotels and Resorts as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com Please contact Starwood's new, toll-free media hotline 1. (company) Hotline - Hotline Communications Ltd.. 2. (messaging) Hotline - Hotline Connect. at (866) 4-STAR-PR (866-478-2777) for photography or additional information. |
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